The free market is designed to trick us–at least, that’s what Nobel Prize-winner Robert Shiller argues in his new book Phishing for Phools. His take is simple: contrary to what Adam Smith taught us (that the free market primarily helps us) Shiller says it provides some benefits, but it’s also designed to sneakily chip away at our life’s savings. Hailed as an “entertaining and lively” account (Joseph Stiglitz) the book gives concrete examples of how the market we put so much faith in is ruining us–from overpriced gym memberships and higher credit card limits, to manipulative advertisements and big name pharmaceuticals. He’ll challenge the free market norms we’ve come to trust, explain why people should question basic capitalist assumptions, and use the daily economics everyone encounters as a social commentary on the country’s financial state.
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